J&J accepts binding offer from Cardinal Health for Cordis

Johnson & Johnson has accepted the 1 March 2015 binding offer from Cardinal Health to acquire its Cordis business for an approximate value of $2 billion.

The offer was accepted after consultations with relevant works councils and trade unions. The company expects the transaction to close towards the end of 2015, subject to regulatory clearances and other customary closing conditions.

Headquartered in Fremont, California Cordis focusses on the development and manufacture of interventional vascular technology. Cordis had annual sales in calendar year 2014 of approximately $780 million, split almost evenly between cardiology and endovascular products. While the US is the largest single market, 70% of total sales come from outside the U.S. Cordis’ international presence includes operations in more than 50 countries, including China, Japan, Germany, Italy, France, the United Kingdom, and Brazil. 

Cordis acquisition marks a significant step forward in Cardinal Health’s cardiovascular strategy

Cardinal Health noted in its March announcement that the acquisition of Cordis was a significant step forward in its cardiovascular strategy. The Cordis acquisition follows a sequence of strategic moves for Cardinal Health in the areas of cardiology, wound management and orthopedics.

Meanwhile, Johnson & Johnson remains dedicated to combating cardiovascular disease through its electrophysiology business, Biosense Webster, in the Medical Devices segment and its leading cardiovascular medicine, Xarelto, in the Pharmaceutical segment.

For more information about Johnson & Johnson, please visit www.jnj.com.

For more information about Cardinal Health, please visit www.cardinal.com.